The reasons behind Dogecoin’s exponential growths were many, but DOGE’s utility and development activity were hardly ever a part of it.
The network is now ready for a revamp after being more or less development dead in the past. According to a statement issued by the Dogecoin Foundation on Tuesday, the organization is reestablishing itself with Ethereum co-founder Vitalik Buterin as its “blockchain and crypto advisor.”
The statement added that the goal of this regrouping is to increase focus on supporting the “ecosystem, the Dogecoin community, and promoting the future of the Dogecoin blockchain.” Additionally, it will announce new projects on the DOGE blockchain in the coming weeks.
These will focus on complementing your core wallet to enable faster integration and easier APIs (application programming interfaces) for financial, social and charitable projects that want to use Dogecoin.
The foundation also clarified that its objective is not to seize the main wallet of the community. Instead, the idea is to accelerate support for the chain’s core and future developers through upcoming sponsorships.
However, what about the altcoin’s name and logo?
“The Foundation has the Dogecoin brand and the Dogecoin logo and will maintain them for the community. This will mean that the Foundation can continue to protect the Dogecoin brand and allow (under a very liberal license) the ability to use it for Dogecoin-related memes, projects, and fun. – We turn our backs on this one. “
Dogecoin co-founder Billy Markus and Dogecoin lead developer Max Keller will also join the Foundation’s advisory board. Additionally, Neuralink CEO Jared Birchall will represent the interests of Tesla CEO Elon Musk.
Explaining the hype
Much of the hype surrounding this joke coin can be attributed to the self-proclaimed “Dogefather”, Musk. In fact, many of his DOGE tweets have been followed by huge price hikes.
The latest rally that saw DOGE gain 52.8% was also partly the result of Shark Tank star Mark Cuban promoting it on CNBC with the help of Musk. He called it the “best medium of exchange”, before tweeting,
The point about DOGE that people miss is that DOGE’s imperfections and simplicity are its greatest strengths. You can only use it to do 2 things: Spend it or HODL. Both are easy to understand. And it is cheap to buy. Which makes it a community that anyone can join and enjoy.
– Mark Cuban (@mcuban) August 15, 2021
Lately, many analysts have also discussed the possibility that the coin-meme could hit $ 1 due to increased activity on the chain and buying pressure. Thanks to the aforementioned developments and the sustained rally in alt prices, the cryptocurrency could be here to stay.
This is a machine translation of our English version.
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